CIM, meanwhile, recently reached agreements to relocate two existing tenants on the south side of 57th street, British clothier Turnbull & Asser and Italian jewelry maker Buccellati. Their departures will allow CIM to demolish the existing stores and open up about 100 feet of space on the block, say people familiar with the matter.
The Los Angeles investors considered a boutique hotel at the site, which faces the five-star Four Seasons Hotel on 57th street, but are now expected to devote that space to luxury condos or office and retail, people who know CIM say.
The project is being designed by Rafael Vinoly.
CIM acquired the site of the former Drake Hotel on Park Avenue last year for $305 million, according to public property records. A CIM spokesman declined to comment on the project's financing.
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